The URL can be used to link to this page

Home My WebLink About1997-R-48RZ;SOLU'nON NO. '?- RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPER~IY TAX ABATEMENT WHEREAS, GALVSTAR L.P., AND A WHOLLY OWNED SUBSIDIARY O¢' .... EACH WEIRTON STEEL CORP. AND HOOGOVENS STAAL BM, HAS PETITIONED THE COMMON COUNCIL OF THE CITY OF JEFFERSONVlLLE, INDIANA, FOR A DEDUCTION IN REAL PROPERTY AND PERSONAL PROPERTY TAXES TO BE ASSESSED ON PROPOSED IMPROVEMENTS TO BE MADE AND EQUIPMENT IN THE CLARK MARITIME CENTRE, LOCATED IN THE CITY OF JEFFERSONVILLE, CLARK COUNTY, INDIANA; AND WHEREAS, GALVSTAR L.P. HAS SUBMITTED A STATEMENT OF BENEFITS ON THE FORM PRESCRIBED BY THE INDIANA STATE BOARD OF TAX COMMISSIONERS FOR SUCH PURPOSE, WHICH STATEMENT INCLUDES A DESCRIPTION OF THE PROPOSED REDEVELOPMENT, AN ESTIMATE OF THE NUMBER OF INDtVIDUAL~ WHO WILL BE EMPLOYED AS A RESULT OFTHE REDEVELOPMENT, AN ESTIMATE OF THE ANNUAL SALARIES OF THESE INDIVIDUALS, AND AN ESTIMATE OF THE VALUE OF THE REDEVELOPMENT; AND WHEREAS, THE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE HAS PREVIOUSLY DETERMINED THAT THE AREA IN WHICH THE PROPOSED REDEVELOPMENrF PROJECT IS LOCATED IN THE CITY OF JEFFERSONVILLE QUALIFIES AS AN ECONOMIC REVITALIZATION AREA F'URSUANT TO INDIANA CODE ~-I. I- I 2. I ET. SEQ., AND RESOLUTION 89-R- 32 AND CONFIRMING RESOLUTION 89-R-39; AND ~,~l I]~E]A~, THE COMMON COUNCIL HAS REVIEV~/ED THE STATEMEN~F OF BENEFITS SUBMITTED HEREIN, AND A~ACHES AND INCORPORATES THAT STATEMENT TO THIS RESOLUTION. NOV~, THEREFORE, BE IT RESOLVED BYTHE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE, INDIANA, THAT IT SPECIFICALLY AND AFFIRMATIVELY FINDS AS FOLLOWSi I . THAT THE ESTIMATE OF THE VALUE OF THE REDE~LOPMENT OR REHABILITATION IS RE~ONABLE FOR PROJECTS OF THE NATURE DESCRIBED IN THE STATEMENT OF BENEFITS SUBMI~ED ~Y THE DEVELOPER. 2. THAT THE ESTIMATE OF THE NUMBER OF [NDI~DUALS WHO WILL BE EMPLOYED OR WHOSE EMPLOYMENT WILL BE RETAINED CAN REASONABLY BE EXPECTED TO RESULT FROM THE PROPOSED DESCRIBED REDEVELOPMENT OF REHABILITATION. 3. THAT THE ESTIMATE OF THE ANNUAL SA~RIES OF THOSE INDIVIDUA~ WHO WILL BE EMPLOYED OR WHOSE EMPLOYMENT WILL BE R~AINED CAN BE REASONABLY EXPECTED TO RESULT FROM THE PROPOSED DESCRIBED REDE~LOPMENT OR REHABILITATION. ~. THAT ALL OTHER INFORMATION REQUESTED FROM GALVSTAR L.P. HAS SEEN SUBMI~ED~ AND THE BENEFITS DESCRIBED IN SUCH INFORMATION CAN BE REASONABLY EXPECTED TO RESULT FRoM THE PROPOSED DESCRIBED REDEVELOPMENT OR REHABILITATION. THAT THE TOTALI~ OF BENEFITS FOR SAID REDEVELOPMENT OR REHABILITATION IS SUFFICIENT TO JUSTI~ THE DEDUCTION. BE IT FURTHER RESOLVED, THAT THE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE, INDIANA; HEREBY APPROVES '/'HE APPLICATION FOR DEDUCTION PRESENTED BY THE STATEMENT OF BENEFITS FILED BY GALVSTAR L.P., AND THAT SAID DEVELOPER SHALL BE ENTITLED TO DEDUCTIONS FOR A PERIOD OF TEN (I 0) YEARS FOR IMPROVEMENTS TO REAL PROPERTY, PURSUANT TO THE PROVISIONS OF I.e. 6~ I. 1 ~ 1 2-3(D) AND I.C. 6- I. I- 1 2.1 -~(D)(3), AND TEN (1 0) YEARS FOR EQUIPMENT PURSUANT TO I.C. 6-I. 1 -I 2. 1-4.5, WITH THE TIMELY FLUNG AND P~RFECTION THEREOF WITH THE CLARK COUNTY AUDITOR'S OFFICE, PASSED AND ADOPTED THIS ,//..~ DAY OF 19 CLARK COUNTY, INDIANA. , BYTHE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE, PRESIDENT, COMMON COUNCIL A~EST: C. RICHARD SPEN~R, JR// CLERK-TREASUREI~)/ PRESENTED BY ME AS CLERK-TREASURER TO THE MAYOR OF THE C. RICHARD ._C;PENCE~, JP~ff - CLERK-TREASURER ~ APPRO\!ED AND SIGNE[-) BY ME THIS __m/~._ DAY OF .~"~2~ _ MAYO~ OF >, O0000000 O0 O0000000 O0 ~--00000000 O0 LLI ~ ~dddddddddd 0000000000 00000000 O0 0000000000 _~ 0000000000 ~ {~ Lr-I-- 0000000000 ~.~ ~ --O0000000000W,_ INSTRUCTIONS: 7. 77tis statemenl must be su~mi~e¢ to ~he body designahng the econo~ic revitilizafion ar~a pri~r ma ion from the applicant in making its decision about whether to designate an Economc Rewtahzat¢on Area. ut~erwzse to the designating body BEFORE a person inst,(is the n~ manufacturing equipment, o[ which the person wishes to claim a deduction. Projects planned or committed to aRer July 1, ~987 and areas designated ~fter July 1, 1987 reouire STATEMENT OF BENEFITS. 'lC 6- ~. 1 - 12.1) 2. Approval of the designafing booy (Oity Council, Town Boar¢, County Gouncil, etc.) must ~( obta¢ned pnor to ¢n~t¢ation of the redevelo¢ment or rehab¢litafion or prior to installation of the new manufacturing eqbipment; B¢¢ORE a deduction may'Se '~bro~e~. 3. To obtain a deduction, Form 322 ERA Real Estate Improvements and / or ~orm 322 ERA / P~ ~ew Machine~ must be filed wit~. the county auditor. ~t, respect to real prope~, Form 322 ERA must be filed by the later oh (I) May 10; or (2) thi~ (30) days a~er a notice of increasb-i~ ~b~l prope~y assessme¢ is received from the township assessor. Form 322 ERA / PP must be filed between March I and May 15 of the assessment year i~'wh~ch new manufac tur~ng equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must file the form beheer March 1 and June 14 of that year. 4. PropeRy owners whose Statement of Benefits was approved aRer June 30, 1991 must submit Form CF- I annually to show compliance with the Stateme~ of Benefits. (lC 6-1.1-12. Name of taxpayer GALVSTAR L.P., a Delaware Limited Partnership to be formed between a Wholly owned subsidiary company of each Weirton Steel Corporation and HOOgovens S~a] BY Add.ress of taxpayer (street and number, city, state.and ZIP code) c/o Weirton Steel Corporation~ 400 Three Springs Drive, Weirton, WV 26062 and Hoogovens Staal BV, P.O. Box 10000, 1970 CA IJmuiden, The Netherlands Name of contactperson Telephone number James B. Bruhn (304) 797-2950 Name of designating body Resotution number GALVSTAR L.P. Location of property County Taxing district Clark Maritime Centre, Jeffersonville, IN Clark Description of real property improvements and / or new manufacturing equipment ESTIMATED 'use additional sheets if necessary) Start Date Completion Date 300,000 ton per year hot-dipped galvanized facility RealEstate 1/98 1/99 New Mfg Equipment 1/98 3/99 I I / I I 60 I ill3,46/hr. NOTE: Pursuant to lC 6-1.1-12.1-5.1 (d) (2) the COST of the property is confidential, i~J~i ~il~!l~,{,~ t!i' :~¢.~:~; Assessed Value ~::,,~>; ~,.¢~'~~' '" Assessed Va~ue Current values Plus estimated values of proposed project $12,..~_0].~ ~ O00 , Less Value~ of any property being replaced Net estimated Values upon completion ct project Estimated solid waste converted (pounds) Estimated hazardous wa~ie ~$nw~te8 i,~bnds) Other benefits: hereby certify that the representations in this statement are true. ~Ti~-~ ]Date signed (men,h, day, year) ~ j VP-Corporate j We have reviewed our prior actions relating to the designation Of this economic re~italiz~iiOn general standards adopted in the resolution previously approved by this body. Said resolution, passed under lC 6-1.1-12.1r2.5, pro- vides for the following limitations as authorized under IC 6-1.1 -12.1-2. A. The dasignated area has been limited to a per od of t me not to exceed calendar years (see below), Thy date thts de§ig~ation expires i~ ' ; · B. The type of deduction that isa owed in the des gnated area is limited to: 1 Redeve 6pment br rehablita~ion of re~l'b~tate mProvements; 2: lns~llation of new manufacturing equipment; 3. ReSidentially distressed areas ~Yes C The amO~nt of deduction applicable for new manufactur ng equipment is limited to $ cost with an assessed value of $ D .The amount of deduction applicable to redevelopment or rehabilitation is limited to $ cost with an assessed value of $ E. Other limitations or conditions (specify)_ R The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1,1991 is allowed for: ~ 5 years ~ 10 years The dedu~ion period will be five (5) years unless the designating body has by resolution specified the ten (10) year period· Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have determine~ that the totality of benefits is sufficient to iustify the deduction described above. App~¢~ure-- and~of~,mber) ~elephone number Date signed (men*, da~ year) ;tt~ted ~y~ ¢ --I~ k /~ Designated body¢ If the des gnati~ the t~per~d during which an area is an economic revitilization area, it does not limit the length of time a tsxpayer is e~iv~¢uction to ~ number of years designated under C 6-1.1-12.~-4 or 4.5 Namely: Cee tables below) Year of Deduction 1 st Five (5) Year Percentage 100% 6th Ten (10) Year Percentage 100% i 2nd 95% 95% ~ 3rd 80% 90% 4th 65% 85% 5th 50% 80% 70% : 7th 8th 9th 55% 4O% 30% 25% ' Year of Three (3) Year Six (6) Year Ten (10) Year Deduction Deduction Deduction Deduction 1 St 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 80% 4th 50% 65% 5th 34% 50% 6th ,~ · ,, 17% 40% 7til 8th' 9th 30% 20% · ~o%